- Company will still operate multiple subsidiaries with distinct focuses on Cannabis production (Grow Pros MMP) Consumer product drug development (Phyto Pain Pharma) and natural health product development (Agro-Tek)
- Company currently has three projects, being its clinical trials, construction of its medical marijuana facility, and development of its natural health products
OTTAWA, ONTARIO–(Aug. 24, 2016) – GrowPros Cannabis Ventures Inc. (“GrowPros” or “the Company”) (CSE:GCI) announces that, at its Annual and Special Meeting of Shareholders, which will be held on September 19th, 2016,
Name Change
In line with its diversification into pharmaceutical development the Company will be requesting approval from its shareholders to change its name to reflect a more accurate depiction of its vision moving forward.
The Company will still operate multiple subsidiaries with distinct focuses on Cannabis production (Grow Pros MMP) Consumer product drug development (Phyto Pain Pharma) and natural health product development (Agro-Tek).
Preparation for the upcoming year
The board and management of GrowPros anticipates an increase in capital requirements as we execute on major milestones not limited to but including construction of our proposed cannabis production facility, beginning stage 1 of clinical trials of PP001 as well as the acquisition of revenue generating assets in the natural health product distribution sector.
The Company currently has three projects, being its clinical trials, construction of its medical marijuana facility, and development of its natural health products, which all require significant funding for further advancement. With this in mind we will be seeking shareholder approval to consolidate its issued and outstanding common shares on the basis of one (1) post-consolidation common share for every three (3) pre-consolidation common shares. This is a proactive measure that would allow us to implement the consolidation congruently with funding of the Company’s three major projects or other potential transactions and acquisitions management identifies moving forward.
The shareholders will be voting on the appointment of three (3) new directors: Mr. André Rancourt, Mr. Robert Brouillette, and Mr. Benoit Chotard who will be replacing Ms. Valerie Lasher, Mr. Koby Smutylo, and Mr. Ryan Brown.
André Rancourt is highly experienced in management, start-up, and commercial strategies for human products. He is also a consultant on several commercial strategy committees including FIA and IRZC. He has tremendous practical experience that provided him with expertise in many fields ranging from metals to the complex area of human and animal natural health products. Over the last ten years, he worked as a consultant to re-organize the operations of companies on behalf of several venture capital investment funds. He has an important network of contacts in the human and animal commercial market in multiple countries. He studied at the Séminaire Sherbrooke from 1969 to1971 and subsequently the University of Sherbrooke (Physical Education). He also successfully completed training in Marketing WarFare. He is often asked by investors to act as a consultant/guide to Presidents of companies.
Robert Brouillette is a lawyer, civil engineer, patent and trade-mark agent. He obtained his engineering degree at the Université de Sherbrooke and his law degree at the Université Laval. He was admitted to the Ordre des ingénieurs du Québec in 1972 and to the Quebec Bar in 1977. He was then appointed trade-mark agent in 1978 and patent agent in 1980. He started his career at Ogilvy Renault in 1977. In 1992, he founded Brouillette Charpentier Fournier (now BCF). In 2005, he founded Brouillette + Partners, a lawyers, patent and trademark agents firm aiming to help builders of innovative companies. Most of his clients are entrepreneurs and a large number of them operate technology companies. He is now recognized in Canada as an expert in the direct selling field. He is also recognized by The Best Lawyers in Canada as an expert in the Information Technology field, and by an expert in the Intellectual Property field. Mr. Brouillette is a former Chairman of the executive committee of the intellectual property national section of the Canadian Bar Association. He was a member of the Board of Directors of Hydro-Québec between 1998 and 2001, Hydro-Québec Capitech and Hydro-Québec Industech between 2001 and 2007. He also serves on the Board of Directors and is an advisor at Simsmart Technologies Inc., Newtrax Technologies, Kinova, Novidev Santé, Intelia, Crowdco and other technology related companies. He is currently chairman of the Board of Directors of Anges Québec and member of the Board of Directors of Capital Anges Québec. He also served as an «angel investor» in over twenty start-ups. His professional path has not only made him an experienced lawyer, but also an entrepreneurship driven and accessible man.
Benoit Chotard has over 20 years of experience in international corporate finance, management, and public market in British Columbia and Québec. Since December 2013, Mr. Chotard is Managing Partner at Capital Force United, a corporate finance advisory corporation that delivers focused advice and transaction expertise, He also was a Partner at Capital Force from January 2011 to November 2013. Since December 2013, Mr. Chotard has also acted as President & CEO, and Director of Orletto Capital Inc., a company listed on the TSX-V. Since 1989, Mr. Chotard is a member of “Ordre des ingénieurs du Québec”. Since January 2011, Mr. Chotard is a financial advisor for public and private corporations. Between October 2009 and December 2010, he was Vice-president Corporate Development for Pakit Inc. a corporation specialized in sustainable cellulose fiber moulding technology to the packaging industry. Between July 2008 and January 2009, he acted as Senior Vice-president Finance Corporate Development and acting as Chief Financial Officer for CANTRONIC Systems (Canada) Inc., a corporation specialized in infrared thermal imaging and thermal imaging and night vision systems. Also, he was Director of Nouveau Monde Mining Enterprises Inc., a mining exploration corporation, from April 2012 to November 2012. During his career, Mr. Chotard spent eight years as Head of the Technology Investment Group of National Bank Financial Inc. Throughout his career he has been a significant contributor in the form of time, knowledge, and capital to many philanthropic organizations including the United Way of Canada. He obtained a bachelor’s degree in Chemical Engineering in 1989 and a Master in Business Administration degree in 1993, both from the University of Sherbrooke.
The Company wishes to thank Ms. Lasher, Mr. Smutylo, and Mr. Brown for their contribution through the years as directors and wishes them well in all their future endeavors.
In Other News
Mr. André Rancourt will be replacing Mr. Ryan Brown as Interim Chief Executive Officer. Mr. Brown will remain President of the Company and sole officer and director of Grow Pros MMP. The subsidiary tasked with obtaining a license to produce cannabis under the MMPR.
Mr. Brown will be focused on adequately capitalising this subsidiary in a manor non dilutive to GCI and will present options to the board at a subsequent board of directors meeting.
Management has allowed the agreement with the acquisition of the assets of Laboratoires Holizen Inc. (“Holizen”) for $450,000, as announced on June 22, 2016, to expire, in order to utilize those resources to pursue opportunities in the United States.
The Canadian Securities Exchange (CSE) has not reviewed this news release and does not accept responsibility for its adequacy or accuracy.
Forward-looking statements
Some statements in this release may contain forward-looking information. All statements, other than of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding potential acquisitions and financings) are forward-looking statements. Forward-looking statements are generally identifiable by use of the words “may”, “will”, “should”, “continue”, “expect”, “anticipate”, “estimate”, “believe”, “intend”, “plan” or “project” or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company’s ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, the inability of the Company, through its wholly-owned subsidiary, GrowPros MMP Inc., to obtain a licence for the production of medical marijuana; failure to obtain sufficient financing to execute the Company’s business plan; competition; regulation and anticipated and unanticipated costs and delays, and other risks disclosed in the Company’s public disclosure record on file with the relevant securities regulatory authorities. Although the Company has attempted to identify important factors that could cause actual results or events to differ materially from those described in forward-looking statements, there may be other factors that cause results or events not to be as anticipated, estimated or intended. Readers should not place undue reliance on forward-looking statements. The forward-looking statements included in this news release are made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities legislation.
If marijuana had a DIN number, like other drugs, insurance companies might cover the costs. (Siavash Dezvareh/CBC)